Digital transformation initiatives are on the rise as companies prepare for a future impacted by inflation, geopolitical turmoil, talent shortages, and any number of unforeseen external influences. These transformations include significant migration to cloud-enabled technologies such as Oracle Fusion Cloud EPM.
We surveyed more than 500 finance professionals in 22+ industries to better understand the reasons behind their move to Oracle Cloud EPM, the benefits users have achieved and continue to achieve with the system, and any new findings regarding their transformation experiences. A modern EPM system brings considerable value to finance teams in terms of speed, collaboration, and agility—even in today’s volatile environment—and its benefits extend far beyond these baseline gains in operational efficiencies. For example, Oracle Cloud EPM customers polled in our latest “Value of EPM survey” are 89% more likely to connect supply chain planning with financial planning, thereby breaking down silos. What’s more, they’re 82% more likely to leverage EPM to improve environmental/sustainability data collection and insights. These findings underscore the importance of moving EPM processes to the cloud; in a business climate defined by accelerated change, decision makers recognize that a digital foundation capable of boosting processes, improving insights, and enabling strategic programs, is more critical than ever.
Here are three main takeaways from the report:
1. Cloud saw a rapid adoption of connected planning across lines of business, and increased adoption of AI and machine learning (ML) capabilities
Our results continue to confirm that Oracle customers realize a wealth of efficiency gains, while also increasing planning and forecasting accuracy. In addition, Oracle Cloud EPM customers are more likely to connect finance and line-of-business planning 35% more likely to connect sales planning, and 32% more likely to connect workforce planning thereby gaining greater visibility into their business compared to their non-Oracle counterparts. Cloud has accelerated the adoption of emerging technologies, with customers 103% are more likely to use predictive planning increasing forecast accuracy and speed.
Over-reliance on inefficient, disconnected processes remains a top challenge for those who have not yet moved to the cloud—and Oracle Cloud EPM is a powerful answer to this ongoing challenge.
2. Aided by automation, Cloud enables a faster, easier, and more comprehensive close
In order to excel, finance organizations need world-class financial close and reporting solutions to replace spreadsheets and other inefficient manual processes. A challenge often cited in our surveys is the cumbersome account reconciliation process. In our most recent survey, those who moved to Cloud EPM reported dramatic improvements in financial close and reporting, including a 62% improvement in transaction-matching efficiency and a 62% drop in spreadsheet use for reconciliations. These are the top benefits that Oracle Cloud EPM customers cite: 57% reporting a reduction in the number of days to close per cycle, and 77% reporting faster time to produce and deliver reports.
3. Oracle Enterprise Data Management (EDM) enables faster transformations through productivity gains and increased change-management efficiencies
In this latest survey, we included questions about managing financial master data using Oracle EDM. 78% of Oracle EDM customers cited as top benefits improved productivity related to routine chart of account changes (e.g., adding a cost center) and more efficiently managing transformative structural changes (e.g., mergers and acquisitions). These organizations adapt and respond more quickly to business changes—with gains in efficiency and transparency to boot.
Net result: An agile enterprise that’s prepared for whatever the market has in store
Finance teams that have adopted Oracle Cloud EPM enjoy significant benefits and find themselves better positioned to navigate volatility and change. Companies are leveraging Oracle Cloud EPM’s built-in AI and ML capabilities to eliminate mundane tasks, automate analysis, reduce errors, and enhance faster data-driven decision making. Oracle Cloud EPM users are also more likely to connect finance and lines of business planning—and they’re also more likely to achieve improved ESG data collection and be able to report in multiple ESG frameworks, which will become progressively critical as ESG reporting rules continue to evolve.
By accelerating organizations’ digital transformation, the system positions leaders to make faster, more accurate business decisions at the speed of a constantly shifting marketplace. In a time when agility and operational excellence are no longer options but business imperatives, Oracle Cloud EPM gives customers the clear advantage.